Lots of Feedback...MF Global, Farm Income & More
Dec 19, 2011
***Editorn's Note: The following viewer feedback was received in response to the December 17-18, 2011 edition of U.S. Farm Report:
#1: I watch US Farm Report on KCRG Cedar Rapids, IA on Saturday mornings.This Saturday you mentioned MF Global. I find it strange that folks would focus on John Corzine. I would want to know what the MF Global's CPA's and attorneys had to say. Accounting is a tracking sytem of debits and credits - it creates a paper trail.I would want to know what the Securities and Exchange Commision rules were for the MF Gllobal's accounting and trading system....and also what FASB (Financial Accounting Stanndards Board) had to say. They say "billions disappeared"......I say bull! Asking John Corzine what happened is proof positive we are in an age of ignorance....blinded by stupidity. Uncle Bob
#2: I heard this week Rick Santorum talking about the situation involving John Corzine. Santorum said that there was a loophole that allowed Corzine through MF Global the ability to take funds that they had access to and use for their own investment purposes. Outrageous! Keep tabs on those you trust in Washington to stay on top of this situation. Phil Gallup - Fort Wayne, IN
#3: For those of us in the drought, the report of record net income is disappointing,because we weren't able to share in that net income. We are in survival mode. Please let people know that every year there are those that lose money. Sidney Burrow - Lubbock, TX
#4: I am huge fan of RFD TV. Watch it all the time for the horse programs. I occasionally watch the farm shows and farm report and earlier this week I saw a commentary that blew me away. I am fairly progressive when it comes to economic issues (taxing the rich, regulating Wall Street, environment, consumer and worker protection). I usually cringe at the hard right wing slant that shows like the farm and ranch reports usually have but I was simply amazed at the logical, thoughtful commentary regarding commodities speculation.
Unfortunately, I can't remember exactly what was said but the conclusion/gist of it was that commodity speculators want no regulation whatsoever on themselves but then want complete insurance to cover their losses when they over speculate and take unduly risky ventures and go down in flames.
Thank you for being a voice of reason. The right wing platform is "no regulation on anything. Investors, business, etc." They say the market will sort it all out. The market indeed will sort it out. It meets out its punishment. Just look at 1929 and the fall of 2008/ spring of 2009. That was caused by overly risky speculation and investment strategies. These toxic cocktails of mortgage backed securities all torn apart and bundled back up and derivative versions of same absolutely ruined our economy. Warren Buffett said these derivatives are toxic and would lead to big problems.
And thanks to the Republican legislature getting rid of Glass Steigel back in the 90's, the investors on Wall Street are using the money of us 99 percenters. It's one thing if they want to risk their own money, that can lead to a lot of problems too, but with Glass Stiegel gone, they are risking the money of us little guys.
Investors, Wall Street want it both ways. No regulation to stop them from playing their ridiculous, risky games and then a bail out/ insurance plan when it all goes south. It doesn't work. Like you said, you can't have it both ways.